Commercial ports operator in India, Adani Ports and Special Economic Zone Ltd has announced that Adani International Container Terminal Pvt Ltd (AICTPL), its joint venture firm, is planning to raise $300 million to retire some of its debt.
The company stated in a regulatory filing – “Adani International Container Terminal Pvt Ltd (AICTPL), a 50:50 joint venture (JV) of Adani Ports and Special Economic Zone Ltd and Terminal Investment Limited Holding SA, priced an offering of $300-million 3 per cent senior secured notes due 2031…The notes will be issued to institutional investors permitted to invest in the notes under applicable laws.”
APSEZ informs – “AICTPL intends to use the funds from the offering, upon receipt of requisite approvals, to repay all of its existing senior debt along with a portion of the subordinated shareholder loans availed by it, in accordance with applicable laws and regulations and as permitted by the Reserve Bank of India, including under the directions issued by it in respect of external commercial borrowings.”
The commercial ports operator accounts for nearly one-fourth of the cargo movement in the country. It is present across 10 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha. The port facilities are equipped with the cargo-handling infrastructure.
-AK
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